The Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?
c. At a company-paid conference on e-commerce, you skip the afternoon session and go sightseeing
The ethical standard violated, in this case, are competence and integrity.
Ethics are defined as those standards which are concerned with what is morally good or bad and right or wrong.
The correct option is competence and integrity standards.
In this case, the company is organizing the conference on e-commerce to train the employees of the business. Skipping continuing education sessions could violate the requirement to maintain professional competence.
If the company has paid some amount of money to attend the conference, skipping these sessions will violate the integrity standards.
Preparing a schedule of cost of goods manufactured Wilson Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2018:
Balances: Beginning Ending
Direct Materials $ 59,000 $ 23,000
Work-in-Process Inventory 109,000 62,000
Finished Goods Inventory 41,000 44,000
Depreciation, plant building and equipment $ 16,000
Direct materials purchases 151,000
Insurance on plant 24,000
Sales salaries 47,000
Repairs and maintenance—plant 10,000
Indirect labor 39,000
Direct labor 121,000
Administrative expenses 60,000
Requirements 2. What is the unit product cost if Wilson manufactured 3,700 lamps for the year?
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